“Produced on a daily basis at a company level, big data is understanding how to use these daily produce data smartly. For example, how can one create smart and sexy stuff such as algorithms, and also real time data such as streaming from the data. There is no entry point as to how much data can be considered data, but it is all about the use of it,” stated Simon.

Christofer went out to define more technically because to him, “big data is when it overflows till you can’t handle it in traditional data houses. It is of high velocity, high volume, and density, that’s why you have to find different solutions to the data.”

Since there is so much data out there. The crucial key becomes about what businesses do with that data. Most of the people running a business have no time to study sophisticated algorithm to get insights from data, therefore, it always gets historically thrown away.

Other than these definitions, Bobby added to say that big data is also defined by its variety. “We’ve got so much data, and its going to keep growing up to 800% in the next 5 years. But where is this data coming from? I think they key thing that is happening here is that there is so much data produced by non-traditional means, such as social media. These unstructured form of data require different means of handling, therefore big data marries structured and unstructured data together. ”

What makes big data possible then is probably the Internet. “People have been creating such analytical solutions for years. But why Big Data is possibly is also because of the information on the Internet, and the way it’s being cpatured,” Shashank adds on.

Finding and storing the data that is useful for future analysis.

In order to keep what is useful for you, it all boils down to the core of the business and what valuable information you need in order to understand your customers better. There is so much data that you earn, accompanied by the data available outside, so a right balance needs to be struck. You need to find what really works for you, if not you’ll possibly get caught in a case of information overloading over big data accumulation.

I’ve got data, but how should I monetize it?

When it comes to Big Data, it’s important to ask the right questions about what kind of information can empower your business, and your consumers. Identify trends and looking at what people are looking out for during that period. Information can be rendered useless or useful during different periods in your consumers’ life. After you’ve figured this out, it’s time to strike a balance between structured and unstructured data as previously mentioned again.